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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide
Omnichannel guide
Omnichannel guide
Omnichannel guide
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Omnichannel guide

  1. The definitive guide A mind-blowing recipe to become the leading omnichannel retailer with Magento. Formulate a winning Magento omnichannel retail
  2. Table of Contents Chapter 1: Prepare your omnichannel approach on Magento Why Magento retailers should adopt the omnichannel approach. 5 The shift in customers’ shopping behaviors. 5 The need for a centralized system to manage multi-channel sales. 7 What consumers want from an omnichannel shopping experience. 8 Consistency across sales channels. 8 Flexible order fulfillment options. 10 Personalized experience. 11 How Magento leads you to omnichannel. 12 Sales activities 14 Why it’s important Key requirements Capability of Magento and its ecosystem. 14 15 16 Loyalty & Customer management. 18 Why it’s important 18 Key requirements 18 Capability of Magento and its ecosystem. 19 Inventory & Warehouse Management. 20 Why it’s important 20 Key requirements 20 Capability of Magento and its ecosystem 21 Procurement Order fulfillment 23 23 23 Why it’s important 24 Key requirements 24 Capability of Magento and its ecosystem Why it’s important Key requirements Capability of Magento and its ecosystem 24 Reports & analytics 25 25 26 To sum up 28
  3. 4 Chapter 1: Prepare your omnichannel approach on Magento Pursuing omnichannel retail on Magento isn’t for everyone. To achieve omnichannel, you need to meet customer expectations by upgrading crucial business operations. Then, let’s consider Magento capabilities, including its core and ecosystem, in meeting your goals. With this information in hand, you’ll have the right preparations for your omnichannel success. If you haven’t rolled out any omnichannel strategies by now, you’d better get started soon. Omnichannel, in short, is to ensure consumers easily and seamlessly go from one channel or device to another to make a purchase. 89% of existing customers are retained by companies with omnichannel engagement strategies. The number is only 33% for companies with weak omnichannel engagement. (1) Multichannel vs omnichannel retail 2 (1) Khalid Saleh, The State of Omnichannel Shopping – Statistics and Trends (2) SnapRetail Guest, Omni-Channel vs Multi-Channel – Which One And Why, 2019
  4. Building omnichannel retail on Magento is not for everyone. It’s recommended for Magento retailers who have: Sales operations set up well and running stably Budget is not strictly limited Why is this the case? Going omnichannel isn’t an overnight process, but a long, costly, and complex one: Startups and small-sized businesses may face higher risks in pursuing omnichannel from the start. The best strategy is to go with multichannel first, then aim at omnichannel when they feel confident in their resources. Within the scope of this Magento Omnichannel Retail guide, we will focus on building omnichannel retail on Magento Open Source version (previously known as Magento Community). Knowing the possible challenges and Magento capabilities will prepare you for your omnichannel success. 1. Why Magento retailers should adopt the omnichannel approach A. The shift in consumer shopping behavior Omnichannel unifies sales and other operations on all channels. Retailers with weak sales operations need to focus on the bottom line to sustain their business. It’s hard finding the time to spot and improve the loose wheel. Omnichannel requires considerable investment, especially in an order management system. Hence, your budget should be flexible enough to cover the losses before actually seeing results. 5 (3) Think with Google, New Research Shows How Digital Connects Shoppers to Local Stores, 2014 85% of customers begin the purchase process on one device before finishing it on another. (3)
  5. 6 Thanks to the exposure of smart devices and the internet, consumers can easily find all the information they need. Whether it’s product specifications, buying policy, or supplier comparison - all are available within a few clicks. Even better, they can buy a product online and get it delivered to their home. Consumers can make the purchase whenever and however it’s convenient for them, without restriction to a place or method. Moreover, modern consumers are “channel-blind”. They only care about getting the product and service they need, no matter how many channels or devices they use to shop. Each of these channels is interconnected to provide a seamless purchase journey. Consumers want no gaps or misalignment when navigating from one channel/device to another. The lines between offline and online shopping experiences are increasingly blurring (4) (4) Larisa Bedgood, The First Step on the Road to Becoming a Multi-Channel Marketing Expert, 2015
  6. 7 47% of customers are willing to shop at a competitor if they continuously encounter poor customer experience.(5) As a result of higher customer expectations, Magento retailers are encountering two huge challenges. You need to deal with fast-paced competition and innovate technology solutions to manage your retail business at the same time. The growth of mobile and social preferences has led to intense retail competition. When information is transparent on the internet, consumers can easily find, compare, and accept offers from different suppliers. They have a variety of choices to buy from instead of retaining their loyalty with a specific brand. If you can’t provide a satisfying experience, they’ll leave. From another perspective, retailers now have more chances than ever before to increase sales. Online or on the street - there are several ways to catch the attention of your prospects. Consumers shopping via multiple channels have a 30% higher customer lifetime value than single-channel shoppers.(6) In short, in the omnichannel era, retailers have new opportunities to get potential customers, but also to lose customers to competitors if they can’t meet their expectations. B. The need for a centralized system to manage multichannel sales (5) Jenn Vande Zande, 47 Percent Of Consumers Will Abandon Your Brand For One Reason, 2017 (6) Julie Krueger, Omnichannel shoppers: An emerging retail reality, 2015
  7. 8 Omnichannel shoppers demand clear and consistent information on all channels they visit. The information can be product availability in-store, store location, working hours, and pricing. This significantly affects their purchase decision. 2. What consumers want from an omnichannel shopping experience A. Consistency across sales channels 39% of consumers are unlikely or very unlikely to visit a retailer’s store if the online store doesn’t provide physical store inventory information. (7) However, selling and operating on different channels require tremendous effort. The omnichannel era requires an omnichannel management system. The lack of inventory visibility often leads to costly overselling or underselling situations. Managing orders from multiple channels are prone to errors and delays in delivery. At the same time, retailers need to offer a personalized experience in tune with their branding. They need to adopt new technologies before their competitors gain the edge. It’s overwhelming doing everything at once. Without a proper management system, a retailer can hardly survive, let alone deliver a good shopping experience. (7) Forrester, Customer Desires Vs. Retailer Capabilities: Minding The Omni-Channel Commerce Gap, 2014.
  8. 9 Transparent information encourages customers to make the purchase faster. For example, a shopper can pre-search a T-shirt on your website. Then, they drive to the nearest outlet to try it on and make the purchase. By the time they arrive at the outlet, they wouldn’t want to learn that the T-shirt is actually out of stock. In this case, the fault lies with your outdated website. You can imagine their anger for wasting their time. You’ll probably lose that customer forever. What they should get, instead, is a smooth shopping journey, from your website to your physical store, without unexpected incidents. By providing customers with all the information, you are actually preventing them from distractions, mostly from your competitors. Customers can actually focus on the purchase. This translates into more conversions and a better brand image. Managing multiple channels isn’t easy. It’s a long process which takes time and costs. But the results would be worthwhile. (8) Think with Google, New Research Shows How Digital Connects Shoppers to Local Stores, 2014, Local information can motivate store visits.(8)
  9. In the past, if a customer needed a product urgently, they had to drive to your store to buy it. Nowadays, they will buy online and select the fast shipping option to get it within 24 hours. They may make the purchase online at their office, then pick it up from your store on their way home from work. Omnichannel is all about seamless integration that breaks down all gaps from shopping to delivery. To consumers, it’s the possibility to combine physical stores, web stores, social media, and marketplace listings to make one purchase. To retailers, it means integrating purchase points with delivery points seamlessly in a single system. On the other hand, modern consumers are tech-savvy. They don’t mind new methods to get the products they want. But keep in mind their demands: quick, easy and cheap. You may not need to offer all shipping options in the market but focus on those that really work for your customers. Some popular examples of fulfillment methods are: Timely delivery is crucial because it affects buyer satisfaction. Modern customers want to receive their products in the shortest time, with the least effort. B. Flexible order fulfillment options 10 60% of shoppers would switch retailers if their delivery option wasn’t available (9) Buy online, pickup in-store (also called click and collect): attractive as a cost-saving method with $0 shipping fee Ship from store: shorter delivery time by selecting the nearest store to the customer’s location. In-store purchase, home delivery: effortless shipping for customers when buying big or bulky products, or when customers need to go elsewhere after shopping at your store. (9) Kibo, The Digitally Demanding Consumer, 2016.
  10. 11 As said previously, modern retail comes with fierce competition. Customers are drowned in too many offers every day. With many sellers offering the same products, customers have many choices. They can easily look elsewhere to shop when they’re not satisfied with their shopping experience. And the competition isn’t only among neighboring retailers but also against giant commerces like Amazon or eBay. Big corporations have more budget to maintain different shopping channels and implement several fulfillment methods. It seems easy for them to dominate the smaller ones with the advanced services that they provide. Medium-sized retailers won’t be able to keep up if they can’t offer a memorable experience. C. Personalized experience Offer flexible order fulfillment options for customers.
  11. 12(10) Investopedia, Repeat Sales, 2019 (11) Internet Retailers, 2019 Leading Vendors to The Top 1000 E-retailers, 2019. The future of retail isn’t about who has the best widget or offers the highest coupon. It’s about who makes their customers feel the best in doing business with them. A good shopping experience endears your brand to customers and keeps them coming back. Repeat customers spend 300% more money than one-time buyers. Return customers would also likely to buy your more expensive products or services.(10) Recommending “similar products” to a consumer is no longer enough. Instead, try to create an exclusive experience of what they like or dislike. The key is to deliver the right message to the right customer at the right time. Different customer segments should receive different offers based on historical behavior. The strategies shouldn’t stop at closing a deal but also to enhance customer loyalty. With the proper approach and technological system, retailers can provide a personal experience across all customer touch points. You can learn to create your own omnichannel strategy in Chapter 3 of this Master guide. When it comes to eCommerce platforms, Magento is a market leader. 3. How Magento leads you to omnichannel 167 of the Top 1000 merchants use Magento as their eCommerce platform.(11)
  12. 4 Magento built-in modules provide in-depth eCommerce management that no other platforms can compete. They support multiple seller accounts, pure ownership of data, multi-currency, real-time tracking of specialized product types, inventory control, and more. Since the release of version 2.3, Magento has included Progressive Web App (PWA) in its core. PWA has become a hot topic among Magento community. It’s promising to change the way developers build mobile experiences. Magento Open Source version is 100% free. Using this open-source platform, retailers can start simple first and upgrade as they grow. Going omnichannel is quite expensive while few merchants can afford a huge investment at a time. And there’s no guarantee in quick turnarounds. Scalability by demand is the best path for their omnichannel journey. One of your upgrade options is Magento Order Management. It’s ideal for businesses with multiple brands, sites, stores, warehouses. There’s also Magento Business Intelligence, which provides smart analytics to learn your top customers, products, and promotions, and find new opportunities. Or you can upgrade to Magento Commerce (previously known as Magento Enterprise). This paid version provides more powerful functions such as drag-and-drop page builder or mobile commerce. Magento also has a huge community including merchants, partners, and developers. They provide a variety of extensions and responsive themes. 13
  13. 14 Magento usage statistics (12) In implementing omnichannel on Magento, the following areas are crucial to ensure accessibility across channels and enhance customer experience at the forefront. Why it’s important The omnichannel approach is born as shoppers expect to buy seamlessly across sales channels. Customers can shop online from a computer, smart device, by telephone, or in a brick-and-mortar store. Nevertheless, the experience should be unified. A. Sales activities (12) Julian Kohl, Magento Facts & Statistics, 2019
  14. 4 “All omnichannel experiences will use multiple channels, but not all multichannel experiences are omnichannel. You can have amazing mobile marketing, engaging social media campaigns, and a well-designed website. But if they don't work together, it's not omnichannel.” (13) Key requirements Omnichannel retail focuses on every customer interaction with your brand. Most of these interactions come from sales. To achieve omnichannel in sales activities, retailers should implement the following feature: Real-time and correct data sync between all front stores (website, physical stores, mobile app, etc.) and back-office (Magento system). The flexibility to sell and check out anywhere in the shop. Sales staff can use a smart device to provide in-depth consultation and convert faster. Transparent information on in-stock products. This feature is helpful in case a product runs out in one store. Instead of losing sales, the cashier can check stock levels at other stores and fulfill for the customers later. Retailers also avoid dead stock at the other stores. Custom prices for products in different locations. The store owner still manages all data in Magento only. At an advanced level, self-checkout at the brick-and-mortar store. In a survey by Nuance Enterprise, 67% of respondents prefer self-service over speaking to a company representative. (14) 15 (13) Aaron Agius, 12 Examples of Brands With Brilliant Omni-Channel Experiences, 2019 (14) Nuance, Giving customers independence through digital self-service, 2017
  15. Capability of Magento and its ecosystem In terms of sales, Magento has clear advantages that go beyond your eCommerce website, especially with the release of Magento 2.3. Besides Magento’s rich features in online sales, its ecosystem complements retail power, especially in the “offline” part: For selling on the website, Magento is well-known as the top eCommerce platform. Retailers can sell any type of product, no matter how complex it is. You can control everything including inventory, orders, customers, etc. in real-time in Magento admin. Magento Commerce version makes it even easier to create a website with Page Builder feature. You can drag and drop elements without any previous developer experience. For selling on mobile, Magento embraces Progressive Web App (PWA). This technology combines the best of the app and the best of the web. Users get a fast and smooth mobile experience right from their device screen. If you sell internationally, you’ll love Magento. Its multiple store views feature allows you to sell products at different price ranges, languages, and taxes in different regions. It also has 150+ language packs to localize your website. For selling on social media, you can find many extensions with reasonable price. Customers can register on your website using their account on Facebook, Twitter, Google, Pinterest, etc. They can directly share any page of your store in a click. It’s helpful both in increasing sales and brand awareness. For selling on marketplaces, Magento can easily integrate with Amazon to provide an additional conversion channel. Magento also supports Google Shopping ads to re-target customers completing specific activities on the website. 16
  16. 4 A good point of sale (POS) system is the key to success. It delivers fast checkout in-store. There are different types of POS software, but omnichannel retailers must invest in an integrated POS system. This system provides real-time data update between POS & Magento and the ability to sell all types of products that Magento supports. Some advanced solutions like Magestore POS let you view stock levels at other stores on POS screen. Magestore is the first to apply PWA to POS system for exceptional performance. It’s fully customizable to meet your specific needs. You can even sell for multiple store views from 1 POS. In addition to POS, there’s also barcode scanning at the checkout counter to correctly and quickly add items to the customer’s cart. For your website, you’ll also enjoy extra extensions and plugins to optimize online sales. You can get these Magento-native extensions from providers such as Amasty or Aheadworks. 17 For selling in physical stores:
  17. 18 Why it’s important Key requirements 50% of customers are willing to change their behavior to reach a higher tier of the loyalty program. Obviously, an omnichannel retail strategy can’t be complete without a customer loyalty program.(16) Rewards and discount codes are useful incentives to attract price-sensitive shoppers looking for good deals. Loyalty programs also provide a personal shopping experience to retain customers. You can reward your existing customers upon buying a product or referring your brand to their friends. Customers also love to receive gifts on special occasions like their birthday or 1-year-shopping with you. Central management of all customer data (including order history, loyalty points, loyalty history, etc.) on Magento, with the ability to set different promotions on different sales channels. The ability to create different promotions targeting different customers, using custom behavior-based rules. Seamless integration between online and offline channels, so loyalty points are applicable and redeemable at any touchpoint (on your website, at physical store or kiosk, and on mobile). B. Loyalty & customer management 69% of consumers say that they will choose to shop where they can earn customer loyalty/reward program points. (15) (15) Khalid Saleh, The Importance of Customer Loyalty Programs – Statistics and Trends (16) COLLOQUY, Fears for Tiers: 2014 COLLOQUY Study on Membership Status In Loyalty Programs, 2014.
  18. 4 Magento core already covers 2 types of custom discounts where retailers can reward customers based on their shopping behavior. Customers can gain a discount automatically when they meet your pre-set conditions or using a valid coupon code. These discounts are applicable to specific products or the whole shopping cart. It’s also possible to set up different pricing for different loyalty levels in Magento. Tier pricing lets you offer discount for a specific customer group when they buy in bulk. It’s one of the best promotional programs to encourage your customers to buy more. Magento Commerce 2.3 also comes with a Reward Point program. Customers can redeem or refund in points during checkout on the website. Whether you use the paid Commerce or free Open Source version, you have a variety of choices to provide advanced loyalty programs - all thanks to the huge ecosystem of Magento: Free or affordable loyalty programs and promotion rules. Some of the most popular are Gift card, Reward points, and Store credits. Normally you can install these modules straight into Magento and control all loyalty data plus order history in Magento only. Banners and labels to highlight promotions so customers can’t help noticing these offers. These loyalty programs and promotions can also enhance customer’s experience in-store if integrated into a Magento-native POS such as Magestore. Customers can use or send their loyalty balances both in-store or on the website, even refund in the form of store credits. Capability of Magento and its ecosystem 19
  19. 20 Some POS allow custom discounts at the checkout counter so you can attract more customers to your outlet. This often increases the chance of an impulse buy. Inventory visibility across sales channels. Both customers and staff need correct and real-time stock updates anywhere, anytime to make the purchase and fulfill orders. (17) TJ McCue, Inventory Shrink Cost The US Retail Industry $46.8 Billion, 2019 C. Inventory & warehouse management Why it’s important The fast-paced growth of omnichannel shopping behavior has kept many retailers playing catch-up. The reason is that most of these retailers still maintain separate inventory streams and order management systems for their different sales channels. They get stuck retaining an optimal level of inventory on hand while trying to meet and exceed customer expectations. In other words, they avoid overselling and underselling at the same time. The problem becomes worse when you have more than one warehouse. Too often inventory shrinkage happens for unknown reasons, resulting in a big loss in profit. According to a 2018 survey by the National Retail Federation (NRF), inventory shrink cost the US retail industry $46.8 billion. (17) Key requirements
  20. 4 21 Inventory management by bin or shelf location to locate, pick, and pack orders faster Barcode support to ensure correct order fulfillment and prevent frauds. One great practice is to double-verify at the beginning of the picking process and right before packaging. Ability to adjust stock at POS and the updates are instantly synced to Magento system For multi-warehouse owners: stock transfers between warehouses Stocktaking with tiered staff permissions to monitor and reduce waste Assign products to different fulfillment sources (e.g. warehouses, stores, distribution centers, etc) and track their quantities at each source Create rules to prioritize sources to fulfill orders for each website Alert low levels of inventory to prevent stockout Track business performance by a suite of real-time reports Quickly deliver an item in an order by making a separate shipment from a different warehouse, in case a customer wants to receive a particular item in advance Magento is powerful in managing various types of products (configurable, bundle, virtual). Hence, complex businesses in a specialized industry find no difficulties selling their products/services to the market. The recent release of Magento 2.3 comes with a dynamic inventory management feature. Multi Source Inventory (MSI) is one of the most awaited releases that Magento has ever had. Merchants using MSI can now: Capability of Magento and its ecosystem
  21. Inventory management remains one of Magento’s greatest strengths, partially thanks to the help of its active community. Merchants can utilize advanced inventory and warehouse management modules to track inventory across all inventory sources. Stock transfers between inventory locations are now 100% paperless. Magento-native modules like Magestore solution is embedded into Magento admin. Hence, you always have real-time and correct inventory visibility both in-store (via POS) and on your website. All data including products in warehouses, at outlets, or upcoming from suppliers, will remain in Magento. In Magento 2.3, Magestore Inventory management module lets you adjust and transfer stock directly on-page. Barcode generator is available via a free or paid extension. A barcode scanner makes managing thousands of SKUs faster and securer. 22
  22. 4 Advanced inventory forecast based on custom threshold. Auto alert ensures you always have the right product amount on-hand. Manage all purchases and suppliers in one place, ensure smooth purchasing process Integrate purchasing and inventory levels with sales velocity to avoid stockouts and overbuying Connect to the warehouse system to directly transfer stocks to desired warehouses Create purchases based on business trends and monitor end-to-end purchasing process D. Procurement As the number of sales and fulfillment channels increase, retail operations become complex. Many retailers struggle with managing products across channels, aligning inventory and delivery, and coordinating with suppliers. Customers often feel let down when you don’t have what they’re looking for. So it’s critical for retailers to match resources, especially stocks, with demand. However, the purchasing activity of many retailers remains inefficient. This makes it difficult for them to reduce costs and satisfy consumer demand. To overcome these challenges, retailers have to move beyond outdated procurement processes and adopt a new approach that’s better suited for today’s highly competitive market. Why it’s important Key requirements 23
  23. 24 Get a clear overview of supplier lists. They give you access to basic information like supplier names, products, and contact details. You can evaluate supplier credentials and pick the best that suits your budget. Monitor end-to-end purchase process with different statuses Refill stock on time thanks to being integrated with inventory, sales channels, and reports Transfer POs to desired destination warehouses, or return products with ease Use barcode scanners to add and receive purchase order faster and easier. Create POs manually or convert them from quotations. With advanced purchasing system like Magestore, you can automate purchasing based on supply needs or low-stock notification. E. Order fulfillment Running a retail business means that you have to deal with a high volume of sales orders every day. Why it’s important Purchase orders (PO) in Magento are a promise for orders with prior authorization. There’s currently no way to manage these POs beyond their numbers. So there’s always room for Magento solution providers to enhance this default capability. Many advanced purchase management solutions are available to help you turn your eCommerce store into a robust retail system. These solutions help you: Capability of Magento & its ecosystem
  24. 4 Centralize all orders in one system and keep data synced in real time. This helps execute flexible fulfillment strategies in the most efficient manner. Provide customers with flexible fulfillment options. Some popular model includes buy online, pick up in-store (BOPIS), ship from store, ship to store. Deliver products to customers faster using the closest fulfillment centers Reduce shipping costs without compromising customer experience Ensure inventory visibility across all channels to accurately forecast future demand. Track end-to-end order fulfillment process (pick, pack, ship) Offer customers easy return. Your customer can visit the closest retail store or return by mail. Quick and on-time response is the only way to meet the demands of omnichannel customers. Yet, as retailers, it’s imperative to balance customer expectations with profitability. Having a well-functioning order fulfillment system is crucial to a successful omnichannel strategy. Many retailers devote endless hours to improving their system that helps: Key requirements in this area: Magento offers retailers basic order management capabilities. Amazon Sales Channel, for example, is a free sales channel extension. It helps retailers seamlessly sell and distribute on the world's largest marketplace. You can manage all your orders from Magento backend, ship or cancel orders, and build customer profiles with ease. You can use Fulfillment by Amazon (FBA) to fulfill orders. Capability of Magento & its ecosystem 25
  25. 26 Magento-native modules like Magestore solution help streamline order fulfillment process. Retailers can track item status with simple steps: pick, pack, ship. In case you want to reduce inventory holding costs, dropshipping can be the optimal choice for your business. It’s necessary to mention Magento Order Management. This solution is integrated with Magento Commerce. It gives retailers centralized inventory and order management. The system helps gather all data from all sources and create optimal rules for each order. Also, the fulfillment feature lets retailers offer additional shipping options such buy online, pick up in-store, ship from store, or ship to store. F. Reports & analytics Managing multiple sales channels is hard. Making the right decisions is harder. Retailers need to get the right insights across the system. In other words, you need comprehensive reports to understand business performance. The most important data are from sales, inventory, and order fulfillment. By analyzing top customers, products, and promotions daily, retailers can explore new growth opportunities. Why it’s important Magento 2.3 also introduces popular fulfillment options like Click & Collect and Dropship. Retailers can now add Click & Collect as a shipping method right from Magento store. This is a great addition to your omnichannel strategy. In addition, Magento gives retailers the flexibility to integrate with third party shipping providers. There’s also smart source selection algorithm, which helps select the most suitable source to reduce delivery costs and time. However, if your business needs an advanced order fulfillment system, Magento-native solutions are available:
  26. 4 Having one central dashboard with fully integrated inventory, procurement, and order fulfillment data. You'll always have correct and updated insights for decision making. Understanding business performance by identifying which channels or locations are making good profits. Knowing who your top customers are to boost their satisfaction for brand advocacy. Knowing which products are driving sales and which are slow-moving to develop the right strategies. Analytics is also important in catching early trends in customer behavior. Omnichannel is about delivering a personalized experience based on in-depth insights. By embracing the fast pace of the modern market, retailers will retain their competitive edge. Key requirements If you are using Magento 2.3, the Open Source version already comes with several built-in reports. They cover sales, shopping cart, product, etc. It only takes a few clicks to know how your online supply chain is performing. If you’re a fast-growing retail business, you may want to consider an upgrade to Magento Business Intelligence (BI). You can define your own metrics to create an unlimited number of custom reports. This is a fundamental feature to boost the retailer’s performance. Capability of Magento and its ecosystem 27
  27. 4 Not many report extensions are available for Magento 2.3 (yet!) since Magento have done a very good job in this area. However, as a pioneer in solutions for Magento 2.3, Magestore complements Magento power with 6 types of inventory reports. Based on moving average costs, retailers can calculate the actual profit margin of their products and set the proper pricing. Besides, Magestore is working on an advanced BI application for store owners. Magestore BI focuses on sales and inventory data to extract in-depth insights. While some beginners may find Magento BI rather tricky, Magestore BI lets you customize your reports in a wider range of dimensions without a developer team. We ensure our BI application passes through quality tests for the best performance. We’re also planning to include auto prediction and suggestion to minimize the merchant’s effort. To sum up Omnichannel retail is NOT one-size-fits-all. Omnichannel retail on Magento is not for everyone, either. It’s best for retailers who are confident in their sales operations and budget to cover initial expenses. In an omnichannel experience, consumers look for consistency throughout their shopping journey, flexible delivery options, and personalized offers. There are crucial areas which retailers need to focus on. For these, Magento has many advantages both in its core and the huge ecosystem. Once you know what you can do on Magento, it’s time to build your omnichannel roadmap in the next chapter. 28
  28. About Magestore Magestore is a scalable and easy-to-customize POS system to bring your Magento site to the physical world. Our Magento-native solution enables omnichannel retailers to manage all operations from one central system. Magestore POS is designed to transform and automate retail so merchants can focus on scaling their business. We believe in building a meaningful and long-term relationship with Magento retailers. With over 10 years in business, we’ve made omnichannel easy for over 10,000 merchants around the world. With Magestore, retailers can enjoy product excellence and top-class customization service, delivered weekly through an agile and transparent process. Magestore is proud to be a Magento Select Extension Partner. www.magestore.com support@magestore.com 306 - GP Invest Building, 170 De La Thanh Street, Dong Da, Hanoi, Vietnam Book Free Consultation With Us Find out more about us at:
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